behavior econ

Question 3 Utility maximization is not the only choice procedure that are consistent with 04 and 3. There are also other choice procedures that will satisfy these conditions and so are indistinguishable from rational choice. Consider the following decision making procedures which describe how someone might behave in each choice set. Show whether or not they will result in choices that satisfy 0: (as a bonus exercise you can determine whether they also satisfy 5 if you so wish) 1. A decision maker (DM) is choosing between books from a set B. They have a utility function u : B > R, and a 'threshold utility\" level of\". In any choice set, they search through the books alphabetically by title, and choose the rst book that has utility level u that is equal to or above u*. If they have not found any such book by the time they reach the end of the choice set, they Will choose the book with the highest utility. 2. A DM assigns a utility number to each alternative and chooses the median alternative (if there are an even number of alternatives they choose the option just above the median) 3. When choosing between puppies, the DM rst of all disregards the one with the loudest bark, then chooses the puppy with the waggiest tail from the remainder